Today BNP Paribas Securities Services (BNP SS) confirmed its developing digital asset custody capabilities, but it’s partnering with both Fireblocks and METACO. BNP SS is the fifth largest global custodian, with assets under custody of €15.2 trillion at the end of 2021.
Last week the bank shared details about a tokenized bond it helped EDF issue on the public Ethereum blockchain, which is referred to as a live experiment. That issuance used Fireblocks technology, and BNPSS plans to leverage its technology for tokenization, hot wallets and connectivity infrastructure.
Fireblocks’ connectivity to all the different exchanges and liquidity providers is becoming quite pervasive. Our discussions with other players in the market (not BNPSS) indicate that institutions are aware of this and keen not to be overly dependent on Fireblocks.
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